Congress Corporation's accumulated depreciation—equipment account increased by $5,000, while $3,200 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a gain of $3,800 from the sale of investments. Reconcile a net income of $56,300 to net cash flows from operating activities
Congress Corporation's accumulated depreciation—equipment account increased by $5,000, while $3,200 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a gain of $3,800 from the sale of investments. Reconcile a net income of $56,300 to net cash flows from operating activities
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter15: Statement Of Cash Flows
Section: Chapter Questions
Problem 2BE
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Congress Corporation's accumulated depreciation—equipment account increased by $5,000, while $3,200 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of
Reconcile a net income of $56,300 to net cash flows from operating activities __________________
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